IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-00650571.html
   My bibliography  Save this paper

Les déterminants financiers des cessions-bail

Author

Listed:
  • Jacques Sarremejeanne

    (ESG - Ecole des Sciences de la Gestion - UQAM - Université du Québec à Montréal = University of Québec in Montréal)

Abstract

Une cession-bail consiste en la vente d'un bien et sa reprise à bail immédiate par le vendeur; à l'issue de la transaction, les parties sont alors liées par un contrat de location-acquisition ou de location-exploitation. La lecture des annonces de cessions-bail montre des objectifs économiques tels que réduire certaines formes d'endettement ou réaliser des opportunités de croissance. Par ailleurs, les conclusions de la littérature empirique, relative aux effets des cessions-bail sur la richesse des actionnaires des vendeurs-preneurs offre d'autres perspectives explicatives telles que la réalisation de gains fiscaux ou la réduction de coûts de faillite. L'objectif de cette étude est d'identifier quels sont les déterminants financiers des cessions-bail et de porter un éclairage sur les motivations financières de ces transactions. Conformément à certaines hypothèses la réalisation de cessions-bail semble positivement déterminée par les coûts de détresse financière des vendeurs-preneurs, leur manque de liquidités et leur risque d'exploitation. Par contre, contrairement à d'autres, elles apparaissent négativement déterminées par les opportunités de croissance des vendeurs-preneurs et ne semblent pas influencées par leur niveau d'imposition.

Suggested Citation

  • Jacques Sarremejeanne, 2011. "Les déterminants financiers des cessions-bail," Post-Print hal-00650571, HAL.
    • Handle: RePEc:hal:journl:hal-00650571
    Note: View the original document on HAL open archive server: https://hal.science/hal-00650571
    as

    Download full text from publisher

    File URL: https://hal.science/hal-00650571/document
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Hovakimian, Armen & Opler, Tim & Titman, Sheridan, 2001. "The Debt-Equity Choice," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 36(1), pages 1-24, March.
    2. Stohs, Mark Hoven & Mauer, David C, 1996. "The Determinants of Corporate Debt Maturity Structure," The Journal of Business, University of Chicago Press, vol. 69(3), pages 279-312, July.
    3. Ely, Km, 1995. "Operating Lease Accounting And The Markets Assessment Of Equity Risk," Journal of Accounting Research, Wiley Blackwell, vol. 33(2), pages 397-415.
    4. Guedes, Jose & Opler, Tim, 1996. "The Determinants of the Maturity of Corporate Debt Issues," Journal of Finance, American Finance Association, vol. 51(5), pages 1809-1833, December.
    5. Kim, E. Han & Lewellen, Wilbur G. & McConnell, John J., 1978. "Sale-and-Leaseback Agreements and Enterprise Valuation," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 13(5), pages 871-883, December.
    6. Lynn M. Fisher, 2004. "The Wealth Effects of Sale and Leasebacks: New Evidence," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 32(4), pages 619-643, December.
    7. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
    8. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    9. Barclay, Michael J & Smith, Clifford W, Jr, 1995. "The Priority Structure of Corporate Liabilities," Journal of Finance, American Finance Association, vol. 50(3), pages 899-917, July.
    10. Sungjune Kang & Michael S Long, 2001. "The fixed payment financing decision," Review of Financial Economics, John Wiley & Sons, vol. 10(1), pages 41-55, March.
    11. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    12. Hawkins, Gregory D, 1985. "Determinants of Corporate Leasing Policy: Discussion," Journal of Finance, American Finance Association, vol. 40(3), pages 909-910, July.
    13. Flannery, Mark J, 1986. "Asymmetric Information and Risky Debt Maturity Choice," Journal of Finance, American Finance Association, vol. 41(1), pages 19-37, March.
    14. Flannery, Mark J. & Rangan, Kasturi P., 2006. "Partial adjustment toward target capital structures," Journal of Financial Economics, Elsevier, vol. 79(3), pages 469-506, March.
    15. Samir M. El‐Gazzar & Bikki L. Jaggi, 1997. "Transition Period of Mandated Accounting Changes — Timing of Adoption and Economic Consequences: The Case of SEAS No. 13," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 24(2), pages 293-307, March.
    16. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-329, May.
    17. Ronald C. Rutherford, 1990. "Empirical Evidence on Shareholder Value and the Sale‐Leaseback of Corporate Real Estate," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 18(4), pages 522-529, December.
    18. Varouj A. Aivazian & Ying Ge & Jiaping Qiu, 2005. "Debt Maturity Structure and Firm Investment," Financial Management, Financial Management Association, vol. 34(4), Winter.
    19. Michael J. Barclay & Erwan Morellec, 2006. "On the Debt Capacity of Growth Options," The Journal of Business, University of Chicago Press, vol. 79(1), pages 37-60, January.
    20. Chen, Sheng-Syan & Jen, Frank C & Choi, Dosoung, 1999. "The Determination of the Seniority Structure of Debt: Theory and Evidence," Review of Quantitative Finance and Accounting, Springer, vol. 13(1), pages 5-28, July.
    21. Graham, John R., 1996. "Debt and the marginal tax rate," Journal of Financial Economics, Elsevier, vol. 41(1), pages 41-73, May.
    22. Barclay, Michael J & Smith, Clifford W, Jr, 1995. "The Maturity Structure of Corporate Debt," Journal of Finance, American Finance Association, vol. 50(2), pages 609-631, June.
    23. El-Gazzar, Samir & Lilien, Steve & Pastena, Victor, 1986. "Accounting for leases by lessees," Journal of Accounting and Economics, Elsevier, vol. 8(3), pages 217-237, October.
    24. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
    25. Barnea, Amir & Haugen, Robert A & Senbet, Lemma W, 1980. "A Rationale for Debt Maturity Structure and Call Provisions in the Agency Theoretic Framework," Journal of Finance, American Finance Association, vol. 35(5), pages 1223-1234, December.
    26. Hamada, Robert S, 1972. "The Effect of the Firm's Capital Structure on the Systematic Risk of Common Stocks," Journal of Finance, American Finance Association, vol. 27(2), pages 435-452, May.
    27. Shane A. Johnson, 2003. "Debt Maturity and the Effects of Growth Opportunities and Liquidity Risk on Leverage," The Review of Financial Studies, Society for Financial Studies, vol. 16(1), pages 209-236.
    28. Lewellen, Wilbur G & Long, Michael S & McConnell, John J, 1976. "Asset Leasing in Competitive Capital Markets," Journal of Finance, American Finance Association, vol. 31(3), pages 787-798, June.
    29. Harris, Milton & Raviv, Artur, 1991. "The Theory of Capital Structure," Journal of Finance, American Finance Association, vol. 46(1), pages 297-355, March.
    30. Douglas W. Diamond, 1991. "Debt Maturity Structure and Liquidity Risk," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(3), pages 709-737.
    31. William F. Sharpe, 1964. "Capital Asset Prices: A Theory Of Market Equilibrium Under Conditions Of Risk," Journal of Finance, American Finance Association, vol. 19(3), pages 425-442, September.
    32. Imhoff, E.A. & Thomas, J.K., 1988. "Economic Consequences Of Accounting Standards: The Lease Disclosure Rule Change," Papers fb-_88-36, Columbia - Graduate School of Business.
    33. Kang, Sungjune & Long, Michael S., 2001. "The fixed payment financing decision: To borrow or lease," Review of Financial Economics, Elsevier, vol. 10(1), pages 41-55.
    34. Ezzell, John R. & Vora, Premal P., 2001. "Leasing versus purchasing: Direct evidence on a corporation's motivations for leasing and consequences of leasing," The Quarterly Review of Economics and Finance, Elsevier, vol. 41(1), pages 33-47.
    35. Thomas W. Bates, 2005. "Asset Sales, Investment Opportunities, and the Use of Proceeds," Journal of Finance, American Finance Association, vol. 60(1), pages 105-135, February.
    36. Slovin, Myron B & Sushka, Marie E & Polonchek, John A, 1990. "Corporate Sale-and-Leasebacks and Shareholder Wealth," Journal of Finance, American Finance Association, vol. 45(1), pages 289-299, March.
    37. Myers, Stewart C & Dill, David A & Bautista, Alberto J, 1976. "Valuation of Financial Lease Contracts," Journal of Finance, American Finance Association, vol. 31(3), pages 799-819, June.
    38. Stulz, ReneM. & Johnson, Herb, 1985. "An analysis of secured debt," Journal of Financial Economics, Elsevier, vol. 14(4), pages 501-521, December.
    39. Imhoff, Eugene Jr. & Thomas, Jacob K., 1988. "Economic consequences of accounting standards : The lease disclosure rule change," Journal of Accounting and Economics, Elsevier, vol. 10(4), pages 277-310, December.
    40. Jaime R. Alvayay & Ronald C. Rutherford & William S. Smith, 1995. "Tax Rules and the Sale and Leaseback of Corporate Real Estate," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 23(2), pages 207-238, June.
    41. Shyam-Sunder, Lakshmi & C. Myers, Stewart, 1999. "Testing static tradeoff against pecking order models of capital structure," Journal of Financial Economics, Elsevier, vol. 51(2), pages 219-244, February.
    42. John R. Graham, 2003. "Taxes and Corporate Finance: A Review," The Review of Financial Studies, Society for Financial Studies, vol. 16(4), pages 1075-1129.
    43. Smith, Clifford W, Jr & Wakeman, L MacDonald, 1985. "Determinants of Corporate Leasing Policy," Journal of Finance, American Finance Association, vol. 40(3), pages 895-908, July.
    44. Smith, Clifford Jr. & Warner, Jerold B., 1979. "On financial contracting : An analysis of bond covenants," Journal of Financial Economics, Elsevier, vol. 7(2), pages 117-161, June.
    45. V. Sivarama Krishnan & R. Charles Moyer, 1994. "Bankruptcy Costs and the Financial Leasing Decision," Financial Management, Financial Management Association, vol. 23(2), Summer.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jorge A. Muñoz Mendoza & Sandra M. Sepúlveda Yelpo & Carmen L. Veloso Ramos, 2019. "Non-linear Effects of Ownership Structure, Growth Opportunities and Leverage on Debt Maturity in Chilean Firms," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 14(1), pages 21-40, Enero-Mar.
    2. Huang, Kershen & Shang, Chenguang, 2019. "Leverage, debt maturity, and social capital," Journal of Corporate Finance, Elsevier, vol. 54(C), pages 26-46.
    3. Adrian Van Rixtel & Luna Romo González & Jing Yang, 2015. "The determinants of long-term debt issuance by European banks: evidence of two crises," BIS Working Papers 513, Bank for International Settlements.
    4. Barclay, Michael J. & Fu, Fangjian & Smith, Clifford W., 2021. "Seasoned equity offerings and corporate financial management," Journal of Corporate Finance, Elsevier, vol. 66(C).
    5. Paseda, Oluseun & Olowe, Rufus, 2018. "The Debt Maturity Structure of Nigerian Quoted Firms," MPRA Paper 117061, University Library of Munich, Germany, revised 30 Jun 2018.
    6. Mohammed Benlemlih, 2017. "Corporate Social Responsibility and Firm Debt Maturity," Journal of Business Ethics, Springer, vol. 144(3), pages 491-517, September.
    7. Dung T. T. Tran & Hieu V. Phan, 2022. "Government economic policy uncertainty and corporate debt contracting," International Review of Finance, International Review of Finance Ltd., vol. 22(1), pages 169-199, March.
    8. João Pinto & Luís K. Pacheco, 2014. "The Economics Of Structured Leasing," Working Papers de Economia (Economics Working Papers) 04, Católica Porto Business School, Universidade Católica Portuguesa.
    9. Jorge Andrés Munoz Mendoza & Sandra María Sepúlveda Yelpo, 2016. "Does managerial discretion affect debt maturity in Chilean firms? An agency cost and asymmetric information approach," Revista Ecos de Economía, Universidad EAFIT, vol. 20(43), pages 65-87, December.
    10. Maria-Teresa Marchica, "undated". "Debt Maturity and the Characteristics of Ownership Structure: An Empirical Investigation of UK Firms," Discussion Papers 05/29, Department of Economics, University of York.
    11. Erel, Isil & Julio, Brandon & Kim, Woojin & Weisbach, Michael S., 2009. "Market Conditions and the Structure of Securities," Working Paper Series 2009-6, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    12. Gao, Wenlian & Zhu, Feifei, 2015. "Information asymmetry and capital structure around the world," Pacific-Basin Finance Journal, Elsevier, vol. 32(C), pages 131-159.
    13. Isil Erel & Brandon Julio & Woojin Kim & Michael S. Weisbach, 2012. "Macroeconomic Conditions and Capital Raising," The Review of Financial Studies, Society for Financial Studies, vol. 25(2), pages 341-376.
    14. Stephan, Andreas & Talavera, Oleksandr & Tsapin, Andriy, 2011. "Corporate debt maturity choice in emerging financial markets," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(2), pages 141-151, May.
    15. Wang, Qin (Emma) & Zhang, Jun, 2023. "Local institutional investors and debt maturity," Journal of Financial Markets, Elsevier, vol. 62(C).
    16. Khoo, Joye & (Wai Kong) Cheung, Adrian, 2022. "Managerial ability and debt maturity," Journal of Contemporary Accounting and Economics, Elsevier, vol. 18(1).
    17. Dang, Viet A. & Phan, Hieu V., 2016. "CEO inside debt and corporate debt maturity structure," Journal of Banking & Finance, Elsevier, vol. 70(C), pages 38-54.
    18. Ettore Croci & John A. Doukas & Halit Gonenc, 2011. "Family Control and Financing Decisions," European Financial Management, European Financial Management Association, vol. 17(5), pages 860-897, November.
    19. Vina Christina Nugroho & Kim Sung Suk, 2019. "The Relationship Between Leverage, Maturity, And Investment Decision: Evidence From Emerging Markets," Organizations and Markets in Emerging Economies, Faculty of Economics, Vilnius University, vol. 10(1).
    20. Freund, Steven & Kovacs, Tunde & Nguyen, Nam H. & Phan, Hieu V., 2023. "CEO personality traits and debt contracting: Evidence from pilot CEOs," International Review of Financial Analysis, Elsevier, vol. 85(C).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-00650571. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.